Clients often ask us, “How often should we evaluate the taxability of our products?” An annual review should work. Most states change their sales tax rate laws on either Jan. 1 or July 1, by the calendar year or by the fiscal year.
SaaS
Speaking of confusion, we often see a problem with companies knowing the actual taxability of what they’re selling. In the technology world especially, it’s not always cut and dry what’s being sold.
Contractors
A contractor is generally defined as someone who provides improvements to real property on a lump sum contract basis, and at first glance, the sales and use tax requirements for a contractor seem quite simple.
Exemption certificates
A sales tax exemption certificate alleviates a company from collecting and remitting sales tax on certain products and services. The purchaser – not the retailer/business – has the responsibility for determining whether a sale is exempt from tax.
Source: www.taxconnex.com
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